The party continues, Sensex to breach 16,000 mark Stocks on Dalal Street are likely to extend their gains for the second day in a row after gaining more than 750 points in the past three sessions. Expect the benchmark index or the Sensex to gain more than 100 points and might breach the 16,000 mark on Tuesday.
Stocks on Wall Street rallied on positive news about the US manufacturing activity, improved construction spending and better than expected auto sales from Ford.The Dow rose 114.95, or 1.3 percent, to 9,286.56. The S&P 500 index rose 15.15, or 1.5 percent, to 1,002.63. Auto sector was a major gainer as investors bid up shares of automakers on hopes of a rebound in the economy. Realty was another bright spot after under performing on Monday.Mahindra and Mahindra gained more than 7 percent and is looking strong at R 918. We expect a correcting in Automakers like M&M and Tata Motors. So investors should look to book some profits on any up move in this sector. We recommend selling Rolta India at the current market price after the company reported Q4 consolidated net profit was down at Rs 76 crore versus Rs 133 crore, QoQ. We are concerned about the narrowing margins and the stock is likely to correct more than 15 percent in the near term. The Midcap space is getting heated up now with stocks like Fedders Lloyd, IG Petro, Empee Distilleries and TIPS Ind hitting circuit filters. We advise caution to investors in this space and one should take stock in quality companies. The stock of Wire and Wireless might spurt after the rights announcement and one could expect a target of Rs 22 in the short run.Kemrock Ind, Hanung Toys and Gati Ltd are some of the stocks to watch closely in Tuesday's trade. "USE EVERY RISE TO BOOK PROFITS" "ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS" Key Levels for Today Trade: NIFTY INDEX Resistance : 4724 / 4740 / 4771 / 4800 / 4835 NIFTY INDEX Support : 4676 / 4655 / 4636 / 4609 / 4583 Mean : 4700 Key Numbers for NIFTY on upside 4740 / 4800 Key numbers for NIFTY on down side 4676 / 4636 BANK NIFTY INDEX Resistance: 7752 / 7828 / 7904 / 8057 BANK NIFTY INDEX Support :7512 / 7443 / 7382 Mean : 7632 Previous Close Box: BSE Sensex 15924.23 253.92 NSE Nifty 4711.40 74.95 USD Rs.47.87 Oil Nymex $71.43 B.Karthick Research Analyst --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
